2,110,000 Shares in Freeport-McMoRan Inc. $FCX Bought by Kirkoswald Asset Management LLC

Kirkoswald Asset Management LLC bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,110,000 shares of the natural resource company’s stock, valued at approximately $82,754,200,000. Freeport-McMoRan accounts for approximately 100.0% of Kirkoswald Asset Management LLC’s portfolio, making the stock its biggest position.

A number of other large investors have also made changes to their positions in FCX. Steigerwald Gordon & Koch Inc. purchased a new position in shares of Freeport-McMoRan in the third quarter worth $25,000. Twin Peaks Wealth Advisors LLC purchased a new position in shares of Freeport-McMoRan during the second quarter valued at about $28,000. Salomon & Ludwin LLC grew its position in shares of Freeport-McMoRan by 1,962.9% during the third quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 687 shares in the last quarter. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Freeport-McMoRan in the third quarter worth about $36,000. Finally, Proffitt & Goodson Inc. lifted its position in shares of Freeport-McMoRan by 39.8% in the third quarter. Proffitt & Goodson Inc. now owns 977 shares of the natural resource company’s stock worth $38,000 after buying an additional 278 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX opened at $68.03 on Friday. The company has a current ratio of 2.29, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $69.75. The company has a market capitalization of $97.77 billion, a price-to-earnings ratio of 45.05, a PEG ratio of 0.75 and a beta of 1.47. The firm’s 50-day moving average is $59.55 and its 200 day moving average is $48.52.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.19. The business had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $5.42 billion. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The firm’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.31 earnings per share. Research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Thursday, January 15th were issued a dividend of $0.075 per share. The ex-dividend date was Thursday, January 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. Freeport-McMoRan’s payout ratio is presently 19.87%.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Stifel Nicolaus raised their price target on Freeport-McMoRan from $52.00 to $76.00 and gave the company a “buy” rating in a report on Wednesday, February 11th. Morgan Stanley set a $70.00 target price on Freeport-McMoRan in a research report on Tuesday, January 27th. Weiss Ratings reissued a “hold (c)” rating on shares of Freeport-McMoRan in a report on Thursday, January 22nd. Scotiabank upped their price target on shares of Freeport-McMoRan from $70.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, February 19th. Finally, HSBC increased their price objective on shares of Freeport-McMoRan from $48.00 to $69.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average target price of $62.59.

Insider Buying and Selling

In other news, CFO Maree E. Robertson sold 48,500 shares of the business’s stock in a transaction on Friday, February 13th. The shares were sold at an average price of $61.55, for a total transaction of $2,985,175.00. Following the completion of the sale, the chief financial officer directly owned 79,894 shares of the company’s stock, valued at approximately $4,917,475.70. The trade was a 37.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Stephen T. Higgins sold 29,654 shares of the firm’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $63.00, for a total transaction of $1,868,202.00. Following the completion of the transaction, the chief accounting officer directly owned 76,445 shares in the company, valued at $4,816,035. This represents a 27.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 603,140 shares of company stock worth $37,660,139 over the last ninety days. Corporate insiders own 0.75% of the company’s stock.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.